HK Stock Market Move | China Longyuan Power Group Corporation (00916) falls by more than 3% again in the third quarter, with a significant decrease in net profit. The company plans to raise funds through targeted issuance of no more than 5 billion yuan.

China Longyuan Power Group Corporation (00916) fell by over 3%, dropping by 2.7% to HK$7.2 as of the time of publication, with a turnover of HK$140 million. In terms of news, China Longyuan Power Group Corporation released its performance report, achieving operating income of RMB 22.221 billion in the first three quarters, a year-on-year increase of 3.70%; the net profit attributable to equity holders of the company was RMB 4.613 billion, a year-on-year decrease of 19.84%. Bank of America Securities stated that profits in the third quarter fell by 35% year-on-year to RMB 1 billion, which was below the bank's forecast of RMB 1.3 billion. The bank said that the third-quarter results once again remind the market that the timing of a turning point in profits is still difficult to predict, lowering the target price of H shares from HK$6 to HK$5.9, and reiterating a "underperform" rating for China Longyuan Power Group Corporation A/H shares. Furthermore, China Longyuan Power Group Corporation announced that it plans to raise up to RMB 5 billion through the issuance of A-shares to specific targets. The net proceeds after deducting issuance expenses will be invested in the following projects: the 500MW offshore wind power project in Dongfang CZ8 site in Hainan and the 1,000MW wind power project at Shapotou in the "Ningxiang HVDC" supporting new energy base.